Best Buy Steps Up Shareholder Rewards as Slowdown Looms
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Best Buy Co., the world’s largest electronics chain, will boost its dividend payments and step up cost-cutting efforts as the company grapples with a slowdown in sales this year.
Best Buy will offer a special dividend of 51 cents a share, or $180 million, and increase its quarterly payout 21 percent to 23 cents, according to a statement Tuesday. The Richfield, Minnesota-based company also will begin the second phase of an expense-reduction program, aiming to wring a total of $400 million from its operating costs over three years.